Stock Market News

HSBC offloads Cayman business

HSBC has agreed to sell parts of its corporate and retail banking business in the Cayman Islands to a local Caribbean rival, Butterfield Bank.

Gross assets of HSBC Bank (Cayman) Limited, an indirect wholly owned subsidiary of the HSBC corporation, were approximately $0.8bn at the end of March, with total assets at $1.4bn.

The transaction, which is expected to complete in the fourth quarter of 2014, is a wider part of the FTSE 100 group's strategy to streamline its business focused on Europe and North America, which includes British overseas territory Cayman Islands.

HSBC said the Cayman business will commence wind down preparations, including ceasing to undertake new business with immediate effect, and will look to minimise the impact on the remaining customers during this period.

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